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Jan 27, 2013
01/13
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government can run the massive deficit with the ability to plant many and today it could not print money note telling the interest-rate it would not be credit worthy. that creates a huge temptation for politicians and i believe we'll ever discipline that we have specific errors that led to the recent financial crisis. alan greenspan was head of the fed in the early 2000 it and wanted to be a hero and getting ready to retire and we have a minor correction going out on a good note he lowers interest rates and creates negative real interest you to borrow less than the inflation rate in less than the appreciation rate which created a huge investment in housing. then at the end of the term he realizes he screwed up then they start to raise rates rapidly increate the inverted real -- real curvet never occurs naturally. that means short-term rates are longer than the height gauge long-term. you don't want to interest-rate because it is risky ears of the market's never do that for only the fed. wear that matters banks make money with short-term loans and if you create inverted yield curves they
government can run the massive deficit with the ability to plant many and today it could not print money note telling the interest-rate it would not be credit worthy. that creates a huge temptation for politicians and i believe we'll ever discipline that we have specific errors that led to the recent financial crisis. alan greenspan was head of the fed in the early 2000 it and wanted to be a hero and getting ready to retire and we have a minor correction going out on a good note he lowers...
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Feb 22, 2013
02/13
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government can manage the deficit is because the federal reserve's ability to print on it. today the federal reserve couldn't print money. i don't think the u.s. -- he would not be creditworthy if you couldn't print money and that creates a huge temptation for politicians. i'm not the label discipline physical policy until he do with monetary policy. you have very specific areas to lead to the financial crisis. in the late 1990s, alan greenspan is head of the federal reserve, wanted to be a hero in us getting ready to retire and we had a minor correction. so greenspan wants to go on a good note city starts lowering interest rates, the effective printing money and he creates negative real interest rates. you can borrow turn on to criticize in the appreciation rate on housing, which invented a huge investment in housing and then right at the end of his term, greenspan realizes he's screwed up and he and his successors start raising interest rates rapidly and create something called an inverted yield curve. an unnatural phenomenon. only the fed can do it. short-term rates high
government can manage the deficit is because the federal reserve's ability to print on it. today the federal reserve couldn't print money. i don't think the u.s. -- he would not be creditworthy if you couldn't print money and that creates a huge temptation for politicians. i'm not the label discipline physical policy until he do with monetary policy. you have very specific areas to lead to the financial crisis. in the late 1990s, alan greenspan is head of the federal reserve, wanted to be a...
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Oct 29, 2013
10/13
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about two thirds as raising taxes to cut the deficit was a nonstarter. compared to obamacare which more voters said they wanted to repeal these bubbles that supporters straight game. so if our friends on the other side want to keep trying to climb an electoral mandate for obamacare contradicted by the facts as that may be while using their own logic, we then have to call the mandate reducing the size of government a super mandate a super mandate. that is either new plan to undo the cuts the president campaigned on and increase the debt is so outrageous. we hear the senior senator from new york was to announce a proposal to give the president permanent power to borrow more. another was he wants to extend the debt ceiling permanently but going around congress. let me repeat that. the so-called schumer obama plan is a plan to permanently hand the president a credit card without spending limits and without lifting a finger to address national debt. truly outrageous. especially when you consider that our debt is now $79 which makes us look a lot like a europe
about two thirds as raising taxes to cut the deficit was a nonstarter. compared to obamacare which more voters said they wanted to repeal these bubbles that supporters straight game. so if our friends on the other side want to keep trying to climb an electoral mandate for obamacare contradicted by the facts as that may be while using their own logic, we then have to call the mandate reducing the size of government a super mandate a super mandate. that is either new plan to undo the cuts the...
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Feb 2, 2013
02/13
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we have massive deficits in social security and medicare and everybody knows it. nobody seriously wants to do anything about it. and that leads to a lack of personal responsibility. the lack of personal responsibility is by far the central issue in a tidy in today's personal responsibility. are you responsible for yourself or are you entitled to what somebody else produced? that is the fundamental issue in our society. the founding fathers talked about the abuse of individual rights, which they really worried about. but they also realized that pretty soon the party was up to 30% and they found 3% quit. just like the causes philosophical, so insecure. life and liberty and the pursuit of happiness. each individual has a right to express personal happiness. they have the right to the product of their labor. if you produce a law, you get a lot. if you think about that moral prerogative, it demands personal responsibility. it demands and rewards rationality and self-discipline. life and liberty and the pursuit of happiness. let's talk about the birdie for just a moment
we have massive deficits in social security and medicare and everybody knows it. nobody seriously wants to do anything about it. and that leads to a lack of personal responsibility. the lack of personal responsibility is by far the central issue in a tidy in today's personal responsibility. are you responsible for yourself or are you entitled to what somebody else produced? that is the fundamental issue in our society. the founding fathers talked about the abuse of individual rights, which they...
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Jan 27, 2013
01/13
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government can run its massive deficits is because the federal reserve's ability to plant money. today the federal reserve couldn't print money. interest rates i don't think it wouldn't be creditworthy if it couldn't print money, and that creates a huge temptation for politicians, right? republicans and democrats. i don't think that we will never disciplined fiscal policy until we deal with a monetary policy. the we had a specific errors that led to the recent financial crisis. in the 1990's, early 2000, alan greenspan was head of the federal reserve to the it he'd been there for a long time. hughes and maestro getting ready to retire. so greenspan wants to go out on a good note so he starts lowering interest rates, which is the effect of printing money and he creates negative real interest rates. you can lessen the inflation rate and barrault dramatically less on the appreciation rate on housing which in scented a huge investment in housing which you could borrow at such a low-interest rate. and then it's right at the end of his term greenspan realizes that he screwed up and he
government can run its massive deficits is because the federal reserve's ability to plant money. today the federal reserve couldn't print money. interest rates i don't think it wouldn't be creditworthy if it couldn't print money, and that creates a huge temptation for politicians, right? republicans and democrats. i don't think that we will never disciplined fiscal policy until we deal with a monetary policy. the we had a specific errors that led to the recent financial crisis. in the 1990's,...
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Feb 3, 2013
02/13
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government cannot massive deficits is because the federal reserve's ability to play funny. today the federal reserve couldn't print money. no time at interest rates with me. i don't think the u.s. could -- and would not be creditworthy if you couldn't print money. that creates a huge temptation for politicians. republicans and democrats. i don't think whether disciplined fiscal policy until monetary policy. the recent financial crisis. in the late 1990s, early 2000, alan greenspan had been there long time, wanted to be a hero. he was getting ready to retire for having the minor correction. greenspan was going to be good note, so he starts lowering interest rates, the effect to printing money. it creates negative real interest rate. so you can borrow dramatically less than the appreciation rate of housing, which incentive a huge investment house in which a prayer at such low interest rates. in right at the end of his term, greenspan realizes he's screwed up and he and his successors to raising interest rates very rapidly and create something: inverted joker. an unnatural phe
government cannot massive deficits is because the federal reserve's ability to play funny. today the federal reserve couldn't print money. no time at interest rates with me. i don't think the u.s. could -- and would not be creditworthy if you couldn't print money. that creates a huge temptation for politicians. republicans and democrats. i don't think whether disciplined fiscal policy until monetary policy. the recent financial crisis. in the late 1990s, early 2000, alan greenspan had been...
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Feb 2, 2013
02/13
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everyone is into this deficit, cut the deficit. now, we've got to expand into infrastructure. we've got to fix roads and water systems. we have to spend money in order to save money. you'd have to go back work at doing those things, you will cut the deficit. the steel mills went under in this country basically because they didn't ram last in their company. we need to reinvest in our country before it's too late. thank you. >> host: thursday when debates on which avenue to take, to cut spending or investing government. >> guest: that's kind of at the core of what democrats and republicans argue about. from my perspective this is nitrous question, that maybe the citrus question. the two sides are talking past each other. you know, what we need is a long one plant to address the budget deficit. insert indicates the economy needs more investment and growth in the short run, but also the case if you look at any long run and title match at the found his dog is not sustainable. something has to be done over the course of the next 10, 20, 30, 40 years to address entitlement commitment
everyone is into this deficit, cut the deficit. now, we've got to expand into infrastructure. we've got to fix roads and water systems. we have to spend money in order to save money. you'd have to go back work at doing those things, you will cut the deficit. the steel mills went under in this country basically because they didn't ram last in their company. we need to reinvest in our country before it's too late. thank you. >> host: thursday when debates on which avenue to take, to cut...
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Feb 6, 2013
02/13
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it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23 million people that have health insurance that didn't have it before. it's not free. it comes at the cost. everyone understood it came as a cost. it was paid for in part by tax increases and cuts in other government health care spending. it was not all on the revenue side. the other thing that is important for the congressional budget office said it reduced the it in the first decade, which is what they look at if you look in the the second decade, we think it will reduce the deficit even more. i think they were in fact giving credit and thinking it would slow the growth rates of some of the health care spe
it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23...
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Apr 19, 2013
04/13
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doesn't have the effect of offsetting the deficit or making the deficit look smaller? >> i would have to go back and look at that. i am not sure of hand. the money segregated in a different account for the postal service but i have to check and give you a definitive answer. >> i believe it is interested and use that you would look at that because i think it is the disguise of the deficit, one of the reasons the postal service is seen as having to do, nobody else has to do and that is what i want to get to. is 75 years of refunding health care consider the best practice? >> the pre funding is considered a best practice. >> that was not my question. this is the only business and the only federal government that it -- >> actually the defense department is free funding. >> how much are they pre funding? >> they are pretending $150 billion. >> how much as the postal service refunded? >> i believe it is about 48 -- 43. >> would you recommend the federal government, why haven't you recommended to other federal agencies best practice, is this what we should be doing and if so
doesn't have the effect of offsetting the deficit or making the deficit look smaller? >> i would have to go back and look at that. i am not sure of hand. the money segregated in a different account for the postal service but i have to check and give you a definitive answer. >> i believe it is interested and use that you would look at that because i think it is the disguise of the deficit, one of the reasons the postal service is seen as having to do, nobody else has to do and that...
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Jan 9, 2013
01/13
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how much is part of a grand bargain for deficit reduction? >> let's talk about revenues and shared gdp. how much is reasonable in such a tax code? >> oh, dear. first of all, i think you have to separate the revenue target. it would not be inefficient. and i guess i feel pretty good about the kind of thing regarding the system. i think it was about $80 billion a year or something like that. i think it's very obvious that as we look forward, we will need more revenue than we have been historically as a percentage of gdp. due to what the demographics are doing to a large percentage of this. so it's somewhere around 22% or something like that, it's a reasonable goal to me. >> if i were looking out, i think that makes sense he might tell me what the spending is for gdp. and i will tell you two percentage points less, maybe a little bit closer. people talk about balanced budgets, something like two percentage points of gdp. it would be a tremendous accomplishment that's where we stand today. together, i think it's important to think about tax refor
how much is part of a grand bargain for deficit reduction? >> let's talk about revenues and shared gdp. how much is reasonable in such a tax code? >> oh, dear. first of all, i think you have to separate the revenue target. it would not be inefficient. and i guess i feel pretty good about the kind of thing regarding the system. i think it was about $80 billion a year or something like that. i think it's very obvious that as we look forward, we will need more revenue than we have been...
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Oct 10, 2013
10/13
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instability would occur in financial markets and the federal deficit would soar." and yet, mr. president, three decades later an alarming number of republicans have denied or down played the seriousness of the first ever default on the full faith and credit of the united states. to these die -- deniers, east is west, north is south, black is white and right is wrong. let's talk about what this raising the debt actually means it seupl means we're going to -- it simply means we're going to pay our bills. it is not a plan to spend more money. it is a vote to pay the bills. the federal government has already incurred these bills, bills for roads and bridges; we've already built them. for warships we've already commissioned. wars that have been waged and tax breaks that have been charged on our national credit card. a vote to avert default is a vote to pay the bills for all these things and more. many republicans are in the press today and have been for the last week or ten days arguing that why worry about it. it will all work out. these same republicans who argue that we should de
instability would occur in financial markets and the federal deficit would soar." and yet, mr. president, three decades later an alarming number of republicans have denied or down played the seriousness of the first ever default on the full faith and credit of the united states. to these die -- deniers, east is west, north is south, black is white and right is wrong. let's talk about what this raising the debt actually means it seupl means we're going to -- it simply means we're going to...
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Jun 18, 2013
06/13
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honestly it has helped in the budget deficit. and if you look at the testimony recently of the treasury secretary when asked about restructuring the mortgage market, he said that that was number one priority. his number one priority was money market funding. it is interesting how that is no longer the first priority of the white house. it may very well have something to do with that. inertia is a very powerful force and there are many who will question whether the private sector is capable of replacing all or part of the government. we feel like we have new private mortgage insurance companies i think this is about a billion dollars that can be raised. someone is interested in the mortgage market. so it should not surprise you that many of us feel that you can have some private sector. you can raise a lot for the single and double trenches. some of it has been making a modest comeback. in 2015, i believe that we will have 12 to $15 billion of this. it has been difficult. in 2012, there was so little issue and it was always oversu
honestly it has helped in the budget deficit. and if you look at the testimony recently of the treasury secretary when asked about restructuring the mortgage market, he said that that was number one priority. his number one priority was money market funding. it is interesting how that is no longer the first priority of the white house. it may very well have something to do with that. inertia is a very powerful force and there are many who will question whether the private sector is capable of...
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Feb 8, 2013
02/13
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we should care about the deficit. we should care about the difference between what a government spending and what a government is collecting in revenues. extremely important to we should also to about the size of government. we should care about both i. and what we have done over the past several years is we have a limited concerns about the deficit. we have done that to a large extent by increasing the size of government and the tax burden to get bigger, is the fewer resources there are for california dems and california businesses to do what they want to do with them. and so you've got to take both of those into account. and i think that one of my concerns is, if we simply say deficits are not a problem, everything is better, what we are ignoring is that other dimension because in reality what happens, the policymakers are making to decisions. wonders whether they're deciding about deficits or surpluses. they're deciding are going to borrow from our state's future income. but when a decision on the size of governmen
we should care about the deficit. we should care about the difference between what a government spending and what a government is collecting in revenues. extremely important to we should also to about the size of government. we should care about both i. and what we have done over the past several years is we have a limited concerns about the deficit. we have done that to a large extent by increasing the size of government and the tax burden to get bigger, is the fewer resources there are for...
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Jan 9, 2013
01/13
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most of us here reeve would never hear a hint that if proven to be a fiscal who heard -- to fix the deficit. republicans would consent to raise taxes and democrats will halt on the spending those massive increases would happen if we would go over the cliff. others suggested congress and the white house would agree on one thing and to find a way to cut consequences through delay. that is what some of it to explain what happened and over the last few months we have the most respected experts. >> former member of the president bush counsel and director of tax policy center. rudy, former director of cbo and before we get started housekeeping issues. each speaker will speak five or six minutes then be open to questions from you. watching on c-span or the web you may send us questions. and please keep this question brief. >> happy new year. we sit here on january 8 and it is already crazy busy with tax policy. to talk about the consequences, back in october we issued a report with the primary results of that study i want to remind those. the chart so with it being in percentage points than use se
most of us here reeve would never hear a hint that if proven to be a fiscal who heard -- to fix the deficit. republicans would consent to raise taxes and democrats will halt on the spending those massive increases would happen if we would go over the cliff. others suggested congress and the white house would agree on one thing and to find a way to cut consequences through delay. that is what some of it to explain what happened and over the last few months we have the most respected experts....
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Mar 20, 2013
03/13
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deficit reduction is a national security imperative that we need to be -- we need to be a lot smarter about how we go about it. is the notice we haven't had a budget since i became chairman of the joint chiefs and for some time before that. sequestration is quite simply the most a response to the way possible to manage the nation's defense. he is the antithesis. when a budget certainty, time and flexibility. sequestration compromises readiness and compounds risk. left unaddressed, it could lead to a security gap, lapse in coverage against the dresser and national security interest. it's also the law i'm hopeful but not all that optimistic that magnitude a mechanism will be defused in some future budget deal. in the meantime we have no choice which is of course our worst-case scenario. so are you feeling afflicted? if you are coming you're in good company. the coverage to continue my insurance metaphor may be a little less than what you're used to, but still the best available and it will get better in time. here's very hope that confidence brings comfort. last week i called our joint
deficit reduction is a national security imperative that we need to be -- we need to be a lot smarter about how we go about it. is the notice we haven't had a budget since i became chairman of the joint chiefs and for some time before that. sequestration is quite simply the most a response to the way possible to manage the nation's defense. he is the antithesis. when a budget certainty, time and flexibility. sequestration compromises readiness and compounds risk. left unaddressed, it could lead...
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Nov 1, 2013
11/13
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think of the $2,002,000,000,000 shortfall we're talking about the difference between the $41 billion deficit that you're facing because mortgages originated under republican appointed regulation, and the roughly 37 billion that have been recovered since democrats have taken back control? is that a fair statement of the difference? >> it is absolutely true that the legacy books that are causing us the substantial problems are from the 2006 to early 2009 -- >> so there's also talk about accountability. if you look at the fact that the party that was responsible for running of all the red bar graphs, ones removed from power. i think there is accountability and the fact that you're a presidential appointee is a reflection of that accountability. now, i want to change subjects a little bit towards what rules could have been in place that might've prevented the disaster of the 2001-2009 but there's the suggestion has been made. there some research papers on what are effectively countercyclical capital requirements. are you familiar with this general line of research? >> a little bit, yes. >> said
think of the $2,002,000,000,000 shortfall we're talking about the difference between the $41 billion deficit that you're facing because mortgages originated under republican appointed regulation, and the roughly 37 billion that have been recovered since democrats have taken back control? is that a fair statement of the difference? >> it is absolutely true that the legacy books that are causing us the substantial problems are from the 2006 to early 2009 -- >> so there's also talk...
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Jan 8, 2013
01/13
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the deficit is 25% more. now, hang on. it's important. >> are you confident all of you that we're on track to gross? >> i am confident that the british economy is healing. i'm confident that we're doing the right things to tackle a terrible black hole in our public finances we inherited. i'm confident we're doing the necessary surgery to our banks to make sure that the implosion of her banking system doesn't happen again. i'm confident we are putting money back in people's pockets. this april people get the biggest uplift in the personal allowance income taxes than ever. that means that 23 million basic rate taxpayers will be 600 pounds each better off than they were when this government started. that means for a two under family, on the basic rate of tax, they will be 1200 pounds better off. that -- we've created a million new jobs in the private sector. look at a headwind we are having to deal with, still a damaged banking system the many, many household in this country are still trying to shift mortgage and credit card
the deficit is 25% more. now, hang on. it's important. >> are you confident all of you that we're on track to gross? >> i am confident that the british economy is healing. i'm confident that we're doing the right things to tackle a terrible black hole in our public finances we inherited. i'm confident we're doing the necessary surgery to our banks to make sure that the implosion of her banking system doesn't happen again. i'm confident we are putting money back in people's pockets....
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Mar 19, 2013
03/13
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what is it to mean the knowledge of the deficit of experience? but i do think from what -- the key factor he definitely sees that his goal is israel be a normal western country. the middle class has a better quality of life. but he said that the road to that is dealing with the pam issue -- palestinian issue. everything else you have to work it out. i don't know though you know what that means. you have bennett gave an interview or somewhere quoted in an column when a reporter asked him about it he said i have no clue. it's guy on the inner circles of israel and said he has no clue. i wonder how the constellation is going configure i.t. i hope that a lot of foreign diplomats, you know, it's in europe or our country, united states, we spend lot of time with the new people sitting around the table. i think the central factor. i don't want to go too much to the weekends. the central factor is the two guys, bennett and will peed blank and con convinced that they can break that alliance the day after the election and do it to the front door, the side
what is it to mean the knowledge of the deficit of experience? but i do think from what -- the key factor he definitely sees that his goal is israel be a normal western country. the middle class has a better quality of life. but he said that the road to that is dealing with the pam issue -- palestinian issue. everything else you have to work it out. i don't know though you know what that means. you have bennett gave an interview or somewhere quoted in an column when a reporter asked him about...
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Sep 18, 2013
09/13
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so do you believe the omb's deficit estimates of 3.5% of deficit gap is reasonable? you know, is that -- >> omb has, that is their short-term view. they also see that deficit gap rising going forward from that time period and we would agree with that. the big question out there which no one in washington is addressing entitlements. they're simply not affordable at their current structure and nothing is being done about that. >> okay. the administration's forecasts are more rosier than yours? what is the problem here? don't you guys share data? are there political rationales? please discuss. i thought that was funny so. >> talk amongst yourselves. well, that's, in the words of mark twain, prediction is a very difficult art especially with respect to the future. >> with larry summers no longer in contention for fed chairman will janet yellen be picked? what are your chances? >> [laughter] okay, zero would be the latter. that would be an, it is interesting that's become such a political discussion. you'd have to say janet yellen is kind of the leading current member but
so do you believe the omb's deficit estimates of 3.5% of deficit gap is reasonable? you know, is that -- >> omb has, that is their short-term view. they also see that deficit gap rising going forward from that time period and we would agree with that. the big question out there which no one in washington is addressing entitlements. they're simply not affordable at their current structure and nothing is being done about that. >> okay. the administration's forecasts are more rosier...
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Sep 17, 2013
09/13
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because of the policies that we put in place, our deficit has fallen faster than at any point since the demobilization after world war ii. and it should continue to decline relative to gdp over the ten-year budget forecast. because of the resiliency of our people, our businesses and our economy, we're in a much stronger position today than many imagined just a few years ago. but we're not yet where we want to be. too many americans cannot find work, growth is not fast enough, and the very definition of what it means to be middle class is being undercut by trends in our economy that must be addressed. these trends, like the increase in income and equality and the decline in upward possibly did not happen overnight, and it's going to require work and focus to reverse themment but we cannot do that, we cannot focus on what's important if some in washington continue to create uncertainty about whether our political system can meet its basic responsibilities and avoid creating self-inflicted wounds to the economy. i know from my conversations with business with leaders that this is a concern
because of the policies that we put in place, our deficit has fallen faster than at any point since the demobilization after world war ii. and it should continue to decline relative to gdp over the ten-year budget forecast. because of the resiliency of our people, our businesses and our economy, we're in a much stronger position today than many imagined just a few years ago. but we're not yet where we want to be. too many americans cannot find work, growth is not fast enough, and the very...
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Aug 21, 2013
08/13
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>> you know, i talk about when i worked in the senate in the 1980s, the 81 tax cuts, the 80 to deficit reduction, your member all those, don't you, john? 86 tax reform. we will again, clean out the tax code. those are all compromised the republicans and democrats worked together with spending cuts and revenue approaches. and it worked. and it gave us many years to prosperity and it would be lovely to see that again. but now it's more people, short term is an asset in and our markets and also in our political system. you're focused scenes in which the next election cycle. i must say i don't get that. wide you want to even be in public service if you're not leading? if you're in government you have response but to govern. i to understand that the it was at a different time when i worked in the senate. >> how do we jumpstart the economy? >> the paperback version of my book on this is just out mac it's called first principles, five keys to restoring america's economy. seriously, i think we have a come at least a reason history of longer history you see the kind of things that made the econ
>> you know, i talk about when i worked in the senate in the 1980s, the 81 tax cuts, the 80 to deficit reduction, your member all those, don't you, john? 86 tax reform. we will again, clean out the tax code. those are all compromised the republicans and democrats worked together with spending cuts and revenue approaches. and it worked. and it gave us many years to prosperity and it would be lovely to see that again. but now it's more people, short term is an asset in and our markets and...
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Jun 23, 2013
06/13
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there jobs, the economy, deficits, health care, the kids' schools, etc. and i am not saying these other issues are not important. and to saying, these are way down on a list of priorities. that is the subject of my second book. it is not the subject in this one. perris of political class, and these things with politics, particularly not higher up. >> host: why is that? >> guest: these things are very important to the political class. we have a democratic party that has been described as liberal. they're is a certain element to that. the republicans, for their part, have some religious right. they come in fact, these issues are of deep concern to them. and yet not so much for the average american. there has been a pull for years and years asking about the most important issues facing there public. very few are seen where it gay-rights was one that included toward reform. most appear -- most have no idea what tort reform is. usually -- i mean, especially in an area like this if you tell people, the polls say that americans don't really care all that much ab
there jobs, the economy, deficits, health care, the kids' schools, etc. and i am not saying these other issues are not important. and to saying, these are way down on a list of priorities. that is the subject of my second book. it is not the subject in this one. perris of political class, and these things with politics, particularly not higher up. >> host: why is that? >> guest: these things are very important to the political class. we have a democratic party that has been...
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Jul 9, 2013
07/13
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the reason for that is we should not ask students to deficit -- subsidize the deficit as no other generation incurred that debt and we encourage you to go to school we want to make it as affordable as possible and reducing the deficit should not be your responsibility but our generation to do so. that is one of the debates by the way if this president democrats republicans for $5 billion of deficit reduction. >> even if somebody's goal was to reduce the deficit it would only put a bandage on the larger problem. i am a graduate student but my friends are in the working world and i have friends who pay more in loans than their rent or cannot read to or buy a house and so they live with their parents they cannot buy a new cars you just created generation of adults that cannot put any money to anything but the student loans you hurt the economy. the free up money that young adults today that put toward the student debt but now people are able to put money on a house or a new car or supporting local business or any business. >> that is an excellent point* to the extent we put our most capable peo
the reason for that is we should not ask students to deficit -- subsidize the deficit as no other generation incurred that debt and we encourage you to go to school we want to make it as affordable as possible and reducing the deficit should not be your responsibility but our generation to do so. that is one of the debates by the way if this president democrats republicans for $5 billion of deficit reduction. >> even if somebody's goal was to reduce the deficit it would only put a bandage...
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Nov 21, 2013
11/13
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allowing the deficits to be even higher. in 2014, the deficit reached $680 billion. in 2014 it's estimated to go up to -- i'm sorry $750,000 -- i'm sorry, billion dollars. i should -- should congress choose to ignore the b.c.a. we'll find ourselves even deeper in the red. in fact, some across the aisle have indicated that they want to spend a whopping $91 billion more than the b.c.a. mandates in 2014 alone. instead of offering smart spending cuts to eliminate waste and prioritizing funds, many are compiling a list of their favorite tax hikes to replace the sequester. mr. president, that action fails to recognize one simple point, a point i made on the floor last week, and one that i will make over and over again. washington has a spending problem, not a revenue problem. in fact, 2013 set a record for the most taxes ever collected. $2.77 trillion, a 13% increase from 2013. yet some of my colleagues want taxpayers to shoulder the burden of their plans to increase federal spending. while the b.c.a. has proved to help to moderate the federal budget -- the federal budget'
allowing the deficits to be even higher. in 2014, the deficit reached $680 billion. in 2014 it's estimated to go up to -- i'm sorry $750,000 -- i'm sorry, billion dollars. i should -- should congress choose to ignore the b.c.a. we'll find ourselves even deeper in the red. in fact, some across the aisle have indicated that they want to spend a whopping $91 billion more than the b.c.a. mandates in 2014 alone. instead of offering smart spending cuts to eliminate waste and prioritizing funds, many...
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Oct 31, 2013
10/13
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when unemployment is down, the deficit goes down. when unemployment goes up, the deficit goes up. the reasons for this are clear because when you don't have a job, you don't pay taxes and when you don't have income, you are not paying payroll taxes and you're more likely to need government assistance. unemployment is a double whammy for federal budget and if you lower the deficit we have the lower employment. it includes deficit reduction for the most vulnerable under medicare and medicaid and children's health insurance program and nutritional assistance and other services that ignore the fact that when you cut the essential benefits, you shift the cost of this on to senior citizens and parents and lower income hard working people in these cost shifts take money out of the pockets of consumers that would otherwise be spent in other parts of the economy and creating growth and jobs. it cuts jobs and cutting jobs is not the way to reduce the deficit. securing the deficit reduction by cutting the key investments and telegrams and infrastructure and job planning and research and deve
when unemployment is down, the deficit goes down. when unemployment goes up, the deficit goes up. the reasons for this are clear because when you don't have a job, you don't pay taxes and when you don't have income, you are not paying payroll taxes and you're more likely to need government assistance. unemployment is a double whammy for federal budget and if you lower the deficit we have the lower employment. it includes deficit reduction for the most vulnerable under medicare and medicaid and...
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Mar 31, 2013
03/13
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and the false claims about the deficit supposedly helping out the economy. now, before i get into this, i knew obama. we both taught at the university of chicago law school during the late 1990s. the first time i met him -- the first time i met him, i introduced myself and said you are the gun guy. because he was already labeled that done. and he said yes, i guess so. and i have known that he was helping out with the city of chicago. and i said, maybe we can get together for lunch sometime and talk about this. so he kind of wrinkled his face and turned his back to me and walked away. that was the end of our first conversation. i probably ran into him about 20 other times, but that was pretty much how all of our conversations went. i did not think that i was going to get christmas cards or anything else from them. i really got the strong impression that he viewed me as evil because of the gun issue. he had strong views on. >> you know, i have found something on the gun issue that he disagreed strongly with and he viewed me as evil. it is very easy to disagree
and the false claims about the deficit supposedly helping out the economy. now, before i get into this, i knew obama. we both taught at the university of chicago law school during the late 1990s. the first time i met him -- the first time i met him, i introduced myself and said you are the gun guy. because he was already labeled that done. and he said yes, i guess so. and i have known that he was helping out with the city of chicago. and i said, maybe we can get together for lunch sometime and...
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Jul 31, 2013
07/13
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democrats, that's the yearly deficit, mr. president. and we've saved already $2.6 trillion in the accumulating debt. democrats know there's more to be done. we certainly do. but we won't agree to any plan that balances the budget by killing jobs even more than already and whacking the middle class. and that's while holding the richest individuals and corporations harmless. democrats believe we must offset the harsh spending cuts of the last few years with job creation that puts the middle class back on track. to get the economy back to full steam we should be making targeted investments into things like infrastructure and education, things that always helped america grow and succeed mr. mcconnell: mr. president? the presiding officer: the republican leader. mr. mcconnell: you know there is not much to say about the president's speech yesterday other than he actually retreated from previous commitments to a more bipartisan revenue-neutral corporate tax reform and then tried to sell that rejection of bipartisanship as some -- quote unquot
democrats, that's the yearly deficit, mr. president. and we've saved already $2.6 trillion in the accumulating debt. democrats know there's more to be done. we certainly do. but we won't agree to any plan that balances the budget by killing jobs even more than already and whacking the middle class. and that's while holding the richest individuals and corporations harmless. democrats believe we must offset the harsh spending cuts of the last few years with job creation that puts the middle class...
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Feb 26, 2013
02/13
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whether it is the deficit panel or immigration or dodd-frank were housing challenges. all of us, we originally come together to present a bipartisan or even a nonpartisan solution so that our policymakers in this country can masticate and massage and come to a sound and permanent conclusion. the bpc is as government should work. and all of us who have had the honor of serving on one of these panels certainly appreciates their role. this particular panel will obviously wrestle with the future of the gse. we will hear more about that shortly. the future of single families and housing finance, the fact that it should be limited. the fact that it should be defined and paid for area all of these results were the result of a lot of people. in this case, 21 people spending 16 months vigorously debating the issues. i think you will be very pleased with the consensus of our panel. thank you very much for being here. i know that the commissioners will be introduced individually. but i would like to at this time introduce our next presenter, julia stasch, from the macarthur found
whether it is the deficit panel or immigration or dodd-frank were housing challenges. all of us, we originally come together to present a bipartisan or even a nonpartisan solution so that our policymakers in this country can masticate and massage and come to a sound and permanent conclusion. the bpc is as government should work. and all of us who have had the honor of serving on one of these panels certainly appreciates their role. this particular panel will obviously wrestle with the future of...
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Jan 15, 2013
01/13
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extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a very serious issue. currently, the social security retirement is as a pay as you go system that provides more annual benefits than the payroll tax collects. if left alone, this eventually will need to insolvency, particularly with the rapidly increasing number of baby boomers who are retiring every day as was referred to by mya and louis. i don't have the programmatic expertise to suggest the right solutions, but it's important to analyze the acceptable message to assure that these programs can be available to future retirees
extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a...
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Jan 16, 2013
01/13
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the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes from the budget control act. we have a trillion and a half of spending cuts. essentially in terms of deficit reduction, and has over 600 billion. the account interest, we have essentially of a deficit reduction of $2.5 trillion. the president set a goal of an additional $1 trillion in deficit reducti
the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right....
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Feb 13, 2013
02/13
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deficit reduction alone is not an economic plan. [applause] president obama: a growing economy that creates good middle class jobs, that must be the north star that guides our effort. [applause] president obama: every day, we should ask ourselves three questions as a nation: how do we attract more jobs to our shores? how do we equip our people with the skills they need to get those jobs? and how do we make sure that hard work leads to a decent living. a year and a half ago i put forthan american jobs act that independent economists said would create more than one million new jobs, and i thank the last congress for passing some of that agenda. i urge this congress to pass the rest. [applause] president obama: but tonight i'll lay out additional proposals fully paid for and fully consistent with the budget framework both party as i greed to 18 months ago. let me repeat. nothing i'm proposing should increase our deficit by a single dime. it is not a bigger government we need but a smarter government that sets priorities and invests in
deficit reduction alone is not an economic plan. [applause] president obama: a growing economy that creates good middle class jobs, that must be the north star that guides our effort. [applause] president obama: every day, we should ask ourselves three questions as a nation: how do we attract more jobs to our shores? how do we equip our people with the skills they need to get those jobs? and how do we make sure that hard work leads to a decent living. a year and a half ago i put forthan...
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Oct 10, 2013
10/13
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our deficit is down from about four years ago at $1.4 trillion, last year about, the deficit was about $700 billion. we cut it enough. is that enough? know, it's not enough. we need to do more. but we can't do more and less with the entitlement reform. over half of our spending is an entitlement spending. we can do more of us would generate revenue. the problem here is, the old line in the paul newman movie, we have here is a failure to communicate. i've talked to people all the time. i tell them will have to pay more taxes. they say i don't mind paying more taxes. i don't want you to waste my money. that's what they -- i don't want you to waste our money. tom coburn he's to serve in this committee and i introduced legislation called try max. not to hurt the least, to save money and prejudice programs for the law. every one of you has gotten a letter asking to join us as a cosponsor. i hope you read the letter. i hope you will join us. tom coburn and i held a hearing on monday this week, so just get a disability. nobody wants to harm people or disabled. biting huntington, west virginia
our deficit is down from about four years ago at $1.4 trillion, last year about, the deficit was about $700 billion. we cut it enough. is that enough? know, it's not enough. we need to do more. but we can't do more and less with the entitlement reform. over half of our spending is an entitlement spending. we can do more of us would generate revenue. the problem here is, the old line in the paul newman movie, we have here is a failure to communicate. i've talked to people all the time. i tell...
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Mar 19, 2013
03/13
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can't we do just 7% for deficit reduction? i thought the deficit was so important. but maybe not when it comes to our friends protecting the interests of the big corporations and the rich. i thank the presiding officer, and i yield the floor. a senator: i suggest the absence of a quorum. the presiding officer: oh, now the clerk will call the roll. quorum call: quorum call: the presiding officer: mr. leader. mr. reid: i would ask unanimous consent that the quorum call be terminated. the presiding officer: without objection. mr. reid: i now ask unanimous consent that at 11:15 a.m. tomorrow, wednesday, march 20, all postcloture tile be expired, the durbin secondary amendment to toomey amendment be withdrawn with no other second-degree amendments the senate will come to order, the senate proceed to vote if relation to the toomey amendment 115, that upon disposition of the toomey amendment, the senate then proceed to vote on the mikulski-shelby substitute amendment, as amended; that upon disposition of the substitute amendment, the senate proceed to the cloture vote on t
can't we do just 7% for deficit reduction? i thought the deficit was so important. but maybe not when it comes to our friends protecting the interests of the big corporations and the rich. i thank the presiding officer, and i yield the floor. a senator: i suggest the absence of a quorum. the presiding officer: oh, now the clerk will call the roll. quorum call: quorum call: the presiding officer: mr. leader. mr. reid: i would ask unanimous consent that the quorum call be terminated. the...
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Oct 29, 2013
10/13
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we're talking about annual deficits quadrupling. if we let mandatory spending reach that point where it becomes 100% of the deficit, which is what they project, if we allow our national debt to reach two and a half times the entire size of our economy, it's about the size of our economy now. it's going to go up to two and a half times the size of our economy, it will be the next generation that will pay and pay dearly and our legacy will be one of bankruptcy, ct skyrocketing interest rates, skyrocketing unemployment rates and the collapse of these vital programs we talked about earlier, medicaid, medicare and social security. and again, this is not ideology. this is math. it's fact. it's fact that has been reiterated by the congressional budget office, the trustees of social security, the trustees of medicare, their trust funds time and time again. so this is our opportunity, mr. president, to do something about it. at least take the first steps, both in terms of ending government shutdowns as i have talked about but also this under
we're talking about annual deficits quadrupling. if we let mandatory spending reach that point where it becomes 100% of the deficit, which is what they project, if we allow our national debt to reach two and a half times the entire size of our economy, it's about the size of our economy now. it's going to go up to two and a half times the size of our economy, it will be the next generation that will pay and pay dearly and our legacy will be one of bankruptcy, ct skyrocketing interest rates,...
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Mar 24, 2013
03/13
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deficit supposedly help the economy. before i get into this, we both taught at the university of chicago law school. the first time i met him i introduced myself and say you are the kind of guy. as idiotic as silk. and i had no he would help me out with the city of chicago since i'd heard that. they said maybe we can get together for lunch sometime. but he kind of wrinkled his face, turned his back to me and walked away and that was the end of our first conversation. i have to say rinne two and 20 other times and it's pretty much the way all our conversations went. it is not thinking i would be getting christmas cards or anything else from him. i was not as a retired part of it is that got the strong impression when i would run into him that he viewed me as evil because of the gun issue. he had very strong opinions on the. [inaudible] [laughter] i'd found something on the gun issue he disagreed very strongly about and he viewed me as evil, not just wrote. in academia, is easy to disagree with people they are. we enjoyed
deficit supposedly help the economy. before i get into this, we both taught at the university of chicago law school. the first time i met him i introduced myself and say you are the kind of guy. as idiotic as silk. and i had no he would help me out with the city of chicago since i'd heard that. they said maybe we can get together for lunch sometime. but he kind of wrinkled his face, turned his back to me and walked away and that was the end of our first conversation. i have to say rinne two and...
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Jan 25, 2013
01/13
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what we are spending our time talking about this deficit stuff in raising the crisis, raising the deficit, we are simply saying to the world, the first time america is not going to p pay. now, my question to you, mr. johnson is if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why have we suddenly decided that this is the time to do it? give me some understanding so the american people can understand why, after all these years since world -- since the first world war, i voted under george bush, both of them, to raise the debt limit. but now we're going to stop paying. please tell me why they are doing this. >> it's not a good idea and it's not the way the policy front of not just as world war i but go back to 171819 after the initial assumption of debt and the restructuring of debt, which alexander hamilton began proposing for this country. policy has been to always pay your debt and other obligations. and it took a long time to convince the world that the u.s. was the safest place to put your reserve assets or your ra
what we are spending our time talking about this deficit stuff in raising the crisis, raising the deficit, we are simply saying to the world, the first time america is not going to p pay. now, my question to you, mr. johnson is if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why have we suddenly decided that this is the time to do it? give me some understanding so the american people can understand why, after all these...
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Apr 28, 2013
04/13
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plus deficit spending grows the economy. them more that the better the economy will be. i read almost everything i can online and there are people in mainstream publications who sat there and argued during the debt ceiling debate we should have $1 trillion point* to deposit in the treasury and wash our hands these are serious people and they call the two-party crazies' wife feel the whole world is spinning out of control and i am the only normal person with you and everybody has gone crazy. think about obama and the budget it is a huge massive fallacy masquerading as policy it is not what you think about economic growth is vernets he doesn't care about growth. i am sure you have read milton friedman which brings me to this serious prospect of all what does this say? to me it says we have lost the american people. it is a possibility conservatives don't like to deal with there is no real conservative party in europe and my parents immigrated from communist hungary and there is still no liberal presence there is what makes us think there has to be a strong conservative par
plus deficit spending grows the economy. them more that the better the economy will be. i read almost everything i can online and there are people in mainstream publications who sat there and argued during the debt ceiling debate we should have $1 trillion point* to deposit in the treasury and wash our hands these are serious people and they call the two-party crazies' wife feel the whole world is spinning out of control and i am the only normal person with you and everybody has gone crazy....
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Jan 24, 2013
01/13
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i believe they should be included in any deficit-reduction package. number one, we need to adjust the medicare eligibility age from 65 to 67. reagans the retirement -- raising the retirement age is common sense. this idea was supported by the simpson-bowles commission and was included in the bipartisan deficit negotiations in 2011. in addition, prominent democrats including former senate budget committee chairman kent conrad have expressed support for raising the retirement age as part of a discussion on president, raising the retirement age was not just a republican idea. members of both parties have supported it. number two, we need to modernize the medigap program by limiting supplemental medicare insurance plans from covering initial out-of-pocket expenses for medicare beneficiaries. in 2010, medicare paid on average $9,765 per beneficiary. the average out-of-pocket expense coming from co-payments, coinsurance and deductibles for beneficiary was $1,679. almost 90% of medicare recipients use some kind of supplemental insurance to offset some of the
i believe they should be included in any deficit-reduction package. number one, we need to adjust the medicare eligibility age from 65 to 67. reagans the retirement -- raising the retirement age is common sense. this idea was supported by the simpson-bowles commission and was included in the bipartisan deficit negotiations in 2011. in addition, prominent democrats including former senate budget committee chairman kent conrad have expressed support for raising the retirement age as part of a...
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Oct 10, 2013
10/13
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our deficit is down from $1.4 trillion, last year to you the just ended about 10 days ago, the deficit was about $700 billion. we cut it in half to is that enough? no. we need to do more. but we can't do more and less we get entitlement reform. over half are spinning is in entitlement spending to we can't do more and less we generate revenue. the problem here is, what was the old line and the ball movement -- the palm newman movie? what we have here is a failed to communicate. i talk to people all the time. people have a lot of money and i tell them they will have to pay more taxes, and they say i don't mind paying more tax. i don't want you to waste my money. i don't want you to waste by money. i don't want to waste your money. tom coburn to use to serve in this committee, and i, have introduced legislation and we go at and how that reforms, not toward the least, so i can save money and preserve these programs for the long haul. everyone of you on this conejos county letter asking to join us as cosponsors to help you read the letter. i hope you would join us. tom coburn and i held a h
our deficit is down from $1.4 trillion, last year to you the just ended about 10 days ago, the deficit was about $700 billion. we cut it in half to is that enough? no. we need to do more. but we can't do more and less we get entitlement reform. over half are spinning is in entitlement spending to we can't do more and less we generate revenue. the problem here is, what was the old line and the ball movement -- the palm newman movie? what we have here is a failed to communicate. i talk to people...
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Jun 23, 2013
06/13
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deficit disorder up with a number of people are doing so safely so we would not encourage older people to take that same drug. so what might be safe from one group may not be safe for another group. >> guest: so it doesn't interfere with parenting or work or relationships it is also the definition from the american psychiatric association. >> host: when we are talking about addiction and people who become addicted, can you give me a description of who is at risk and why they are at risk? >> that's a difficult one. when we think about addiction, one of the things that americans have done that is inappropriate when they think about addiction, we act as if the drug itself is special. it has less to do the pharmacology of the drug. it has a lot to do with whether or not people are functionifunctioni ng as a society, whether they are responsible, a wide range of social factors play an important role. what we have done is paid less attention to those things. because it is less sexy to talk about the fact that this person was irresponsible before they started using drugs. this person was over
deficit disorder up with a number of people are doing so safely so we would not encourage older people to take that same drug. so what might be safe from one group may not be safe for another group. >> guest: so it doesn't interfere with parenting or work or relationships it is also the definition from the american psychiatric association. >> host: when we are talking about addiction and people who become addicted, can you give me a description of who is at risk and why they are at...
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Feb 15, 2013
02/13
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they did their duty in regards to deficit reduction. but what is mandatory and discretion of torah, you know what we are talking about. if we can get that information, that would be helpful. we have sustained drought and another one coming. according to our renowned forecaster. kansas put seeds in the ground, many will fire up the tractor and planter and another six weeks. this is not due to a dollar short ad hoc disaster program. it is because they manage their risk and protect it themselves from disaster. many do not have a great safety net. the department under secretary vilsack for all kansas counties, including grazing on crp for the first time in 25 years. you don't do that unless you have a serious problem. this was a lifesaver for ranchers struggling to find a solution. i would like to thank all of the parties for allowing this to happen. according to the reports last year, over 9000 and grazing contracts allow the haying and grazing on 470,000 acres in kansas. that is a lot of acres. as we continue to experience drought, doctor
they did their duty in regards to deficit reduction. but what is mandatory and discretion of torah, you know what we are talking about. if we can get that information, that would be helpful. we have sustained drought and another one coming. according to our renowned forecaster. kansas put seeds in the ground, many will fire up the tractor and planter and another six weeks. this is not due to a dollar short ad hoc disaster program. it is because they manage their risk and protect it themselves...
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Jun 16, 2013
06/13
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so there are a number of young people in the country who are taking amphetamines for attention deficit disorder. it's essentially the same drug. a number of people are -- but you would not encourage older people to take that same drug. so what might he say for one group may not be safe for another group. >> host: okay and when it comes to this casual use versus addiction again your definition is the doesn't interfere with parenting, work or relationships. >> guest: is not only my definition but the definition from the american psychiatric association. this is from the dsm what i describe in the book. >> host: so when we are talking about addiction and people who become addictive give me a description of who is at risk and why they are at risk. >> guest: it's a difficult one. when we think about addiction one of the things americans have done that is inappropriate when i think about it action, we act as if the drug itself is special. addiction has less to do with the pharmacology of the drug. it has a lot to do with whether or not people are plugged into society, whether or not they are
so there are a number of young people in the country who are taking amphetamines for attention deficit disorder. it's essentially the same drug. a number of people are -- but you would not encourage older people to take that same drug. so what might he say for one group may not be safe for another group. >> host: okay and when it comes to this casual use versus addiction again your definition is the doesn't interfere with parenting, work or relationships. >> guest: is not only my...
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Jun 19, 2013
06/13
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the onbudget deficits will increase by $14 billion. and it's been said, well, the overall deficit when you account for the off-budget items, looks better. but that is a direct result of -- of counting the social security, medicare, fica withholding on people's%. that -- payrolls. that money for the people paying in is being set aside in trust funds and set aside to pay for their social security and retirement when they draw it in the future. you can't count that money as being -- improving the debt situation of the united states, and as soon as the prohibition, ten years or so that limits welfare is off, then they -- the cost of the legislation is going to go up much more. the bill would make no meaningful reduction in future illegal immigration. c.b.o. estimates about 350,000 illegal immigrants would be added each year, as senator cornyn has said, it's about the difference in 7.5 million people would enter illegally in the next ten years instead of the current level of about 10 million. so that's -- 25% reduction. c.b.o. writes -- quo
the onbudget deficits will increase by $14 billion. and it's been said, well, the overall deficit when you account for the off-budget items, looks better. but that is a direct result of -- of counting the social security, medicare, fica withholding on people's%. that -- payrolls. that money for the people paying in is being set aside in trust funds and set aside to pay for their social security and retirement when they draw it in the future. you can't count that money as being -- improving the...
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Apr 11, 2013
04/13
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the president's budget increases the deficit significantly on current law. we move in opposite direction to balance in a ten-year period of time. it increases taxes. we not increase taxes. that's hardly meeting republicans halfway. as the chairman said, it's wonderful rhetoric, but it's simply not true. is it? >> well, the -- i'm forwarding the comprise offer which includes $1.8 trillion in deficit reduction. cpi which is something the president would not. it's in speaker bainers' request. the president is willing to do that as a part of a deal as long as we have the conditions i mentioned earlier. >> it's an important point. that is absolutely critical we understand that $1.8 trillion is a comprised offer. >> it's an important point. cpi is not what we would select as a solution for the challenges that we face. >> the president's -- what he thinks we would like. >> it's something speaker -- baner and leader mcconnell asked several times. and you asked for the medicare age raised from 67 to 65. it's something the president is not willing to do. >> my last th
the president's budget increases the deficit significantly on current law. we move in opposite direction to balance in a ten-year period of time. it increases taxes. we not increase taxes. that's hardly meeting republicans halfway. as the chairman said, it's wonderful rhetoric, but it's simply not true. is it? >> well, the -- i'm forwarding the comprise offer which includes $1.8 trillion in deficit reduction. cpi which is something the president would not. it's in speaker bainers'...
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Jan 17, 2013
01/13
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that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross domestic product. you can see right in the middle of that graph, in 2012, the gross debt of the united states has now reached 104%. why does that matter? the best academic research, a book by rogoff of harvard, reinhard, the university of michigan i think she was when she did the study, look at 200 use of economic history. and concluded once you get a gross debt of more than 90% of your gross domestic product, your future economic prospects are dramatically reduced. future economic growth is reduced anywhere from 25 to 33%. so these are not just numbers
that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross...
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Apr 12, 2013
04/13
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social security medicare, the white house has proponent begin curving long-term driver of the deficit. but g.o.p. calls the move too small. before we dig to the more details of that. let's stay on the cpi for one more moment. is there a broad understanding what it is. and how it affects people's lives? >> guest: no. that's i mentioned twenty five years and hasn't been tried in literally a quarter of century. here's the way it usually works. if inflation measured by the normal cpi3%, then retiree, federal retiree, social security recipient and others increase of 3% for that year in their check. if -- if you measure it more accurately. that's what they are try dog they might only get 2.7%. it's an increase. it's not as large increase as they otherwise might have gotten. open the tax side it does the same thing. it means you probably pay if you a middle class family $10 a month more in taxes. this is a very small proposal compare to the size of the debt crisis we face, by the way. this whole thing is only about $3 40 billion over ten years. and at the end of ten years we have about $26 t
social security medicare, the white house has proponent begin curving long-term driver of the deficit. but g.o.p. calls the move too small. before we dig to the more details of that. let's stay on the cpi for one more moment. is there a broad understanding what it is. and how it affects people's lives? >> guest: no. that's i mentioned twenty five years and hasn't been tried in literally a quarter of century. here's the way it usually works. if inflation measured by the normal cpi3%, then...
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Jul 25, 2013
07/13
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a $500 billion deficit is a devastatingly large deficit. and as bad as that is, several years in the future, under current projections -- and this assumes that we live within the law -- within a few years these deficits start to explode again even beyond the current levels which are already unacceptable. so i just think that this is a very, very important -- this is the first appropriations bill that the senate is considering this year. this is the one that's going to determine whether we're going to go down a path of disregarding the bipartisan presidential signed law of the land which is in existence right now. this bill is designed to be part of a process that busts that wide open so that we spend more money that we can't afford. madam president, i think that would be a huge mistake. this is a motion to recommit back to the committee to report out a bill where they can establish the priorities and the allocation within the limit, but set the limit at a level that's consistent with the caps. and so, madam president, i move to commit s. 12
a $500 billion deficit is a devastatingly large deficit. and as bad as that is, several years in the future, under current projections -- and this assumes that we live within the law -- within a few years these deficits start to explode again even beyond the current levels which are already unacceptable. so i just think that this is a very, very important -- this is the first appropriations bill that the senate is considering this year. this is the one that's going to determine whether we're...
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Sep 19, 2013
09/13
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and these loopholes shouldn't exist even if there were no deficit. we should close these loopholes on principle. they are blatantly unfair and we should end them regardless of our deficit, regardless whether sequestration is in effect. but surely, at a time when sequestration is harming families, national security, life saving research, students and seniors, we should close these loopholes and dedicate the revenue to ending sequestration. the bill is supported by a wide array of business and public interest groups including the public thrans tearns coalition, so-called fact coalition, americans for tax fairness, citizens for tax justice, the afl-cio, the everyone eiu, the sustainable business council, business for shared prosperity, the south carolina small business chamber of commerce, friends of the earth, new rules for global finance, u.s. public interest research group, global financial integrity, jubilee u.s. network and public citizen. frank napp, the president and c.e.o. of the south carolina small business chamber of commerce explained his sm
and these loopholes shouldn't exist even if there were no deficit. we should close these loopholes on principle. they are blatantly unfair and we should end them regardless of our deficit, regardless whether sequestration is in effect. but surely, at a time when sequestration is harming families, national security, life saving research, students and seniors, we should close these loopholes and dedicate the revenue to ending sequestration. the bill is supported by a wide array of business and...
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Jun 17, 2013
06/13
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about, so there are a number of young people in the country who are taking amphetamines, for attention deficit disorder essentially the same drug as methamphetamine. a number of people are doing so safely but we would not encourage older people to take that same drug. so what might be safe for one group may not be safe for another. >> host: and when it comes to this casual use verses addiction, again your definition is that it does not interfere with parenting, work or relationships. >> guest: it is the definition for the american psychiatric association what i described in the book. >> host: when we are talking about addiction and people who become addictive, give me a description of who is at risk and why they are at rest. >> guest: when we think about addiction, one thing that americans have done that's inappropriate when they think about addiction as we act as if the drug itself is a special. it has less to do with of the pharmacology of the drug and a lot to do with whether or not people are plugged into society, whether they are responsible and a wide range of social factors that play an
about, so there are a number of young people in the country who are taking amphetamines, for attention deficit disorder essentially the same drug as methamphetamine. a number of people are doing so safely but we would not encourage older people to take that same drug. so what might be safe for one group may not be safe for another. >> host: and when it comes to this casual use verses addiction, again your definition is that it does not interfere with parenting, work or relationships....